The tech winter, which began in 2023, has continued to impact the tech industry in Indonesia. Moreover, continued inflation and the possibility of an extended period of high interest rates have significantly reduced liquidity levels in the tech industry compared to that of 2022. This situation will push companies and investors to prioritize profitability, resulting in investors being reluctant to increase funding to startups.
Having regard to the above, we herein provide our Indonesia Tech Deals Vol. 10 (see previous publications: Tech Deals Vol. 1, Vol. 2, Vol. 3, Vol. 4, Vol. 5, Vol. 6, Vol. 7, Vol. 8, and Vol. 9) covering tech company deals concluded between January and April 2024, along with our brief commentary regarding the recent tech deals.
I. Start Up and Tech Investment Deals in the period between 1 January and 30 April 2024
Please refer to the table below on the list of Tech Deals completed during the period from 1 January to 30 April 2024:
| No | Company Name | Sector | Stage | Investor(s) | Funding Date |
| 1 | Jendela360 | Real Estate Rental Platform | Series A | Living Lab Ventures | 1-Jan |
| 2 | Swap (PT Swap Energi Indonesia) | EV Component Manufacturer | Series A | Qiming Venture Partners | 2-Jan |
| 3 | Komunal Indonesia | Fintech | Series A | Sovereign's Capital, Gobi Partners, JAFCO Asia, Skystar Capital, Sumitomo Corporation Equity Asia Limited | 2-Jan |
| 4 | SUN Energy | Renewable Energies | Debt | DEG | 4-Jan |
| 5 | Semaai | Agriculture Tech | Pre-series A | Sumitomo Corporation Equity Asia Limited, Peak XV Partners, BEENEXT, MyAsiaVC, Ruvento Ventures, Surge, Accion Venture Lab, CyberAgent Capital (CyberAgent Ventures) | 8-Jan |
| 6 | Sirka | Health & Wellness | Seed | XA Network | 9-Jan |
| 7 | Dipay (PT Digitalisasi Perangkat Indonesia (DPI)) | Payments and remittance | Strategic Investment | Venteny Indonesia | 9-Jan |
| 8 | Ayooconnect | Fintech | Bridge | Mandiri Capital Indonesia (MCI) | 11-Jan |
| 9 | BroilerX | Farming | Pre-series A | Insignia Ventures Partners, Orvel Ventures, Saison Capital, Kopital Ventures | 11-Jan |
| 10 | DayaTani | Agriculture Tech | Seed | BRI Ventures, Gentree Fund, Ascent Venture Partners, Northstar Ventures | 16-Jan |
| 11 | LifePal | Insurance Tech | M&A | Roojai.com | 17-Jan |
| 12 | SolarKita | Renewable Energies | Strategic Investment | Schneider Electric Energy Access Asia (SEEAA), New Energy Nexus Indonesia | 18-Jan |
| 13 | Synergy Efficiency Solutions (SES) | Energy Efficiency, Industrial Energy Efficiency | Early Stage | New Energy Nexus Indonesia | 22-Jan |
| 14 | Swap (PT Swap Energi Indonesia) | EV Component Manufacturer | Series A | New Energy Nexus Indonesia | 22-Jan |
| 15 | Tjufoo | E-commerce Aggregators | Early Stage | Binus Investama | 29-Jan |
| 16 | PT Asuransi Jiwa Syariah Amanahjiwa Giri Artha (Amanah Githa) | Insurance tech | M&A | Kitabisa.com | 31-Jan |
| 17 | Pintar (HarukaEdu) | Education Tech, Adaptive Learning | Pre-series A | Havez Capital, SIG Venture Capital | 1-Feb |
| 18 | Hukumonline | Professional Services – Digital Legal Platform | Series B | Media Development Investment Fund | 1-Feb |
| 19 | Gently | Retail | Seed | Accel Partners, Northstar Group | 8-Feb |
| 20 | Ayopajak | Professional Services - Tax | M&A | Privy ID | 13-Feb |
| 21 | Alodokter | Healthcare Services | Series D | Beacon Venture Capital, HL Mando (HL만도) | 21-Feb |
| 22 | Komerce | Ecommerce Enabler | Seed | Achmad Zaky, 500 Global | 26-Feb |
| 23 | Binar Academy | Tech Learning | Early Stage | JLIN Capital Studio, Blue7, JN Capital & Growth Advisory | 1-Mar |
| 24 | Seeds | Investment Tools and Platforms | Early Stage | DeVC, Ruvento Ventures | 1-Mar |
| 25 | Wagely | Financial Platforms | Series A | Capria Ventures (Capria Fund) | 4-Mar |
| 26 | Untukmu.Ai | AI Developer | Seed | 1982 Ventures | 7-Mar |
| 27 | Rukita | Real Estate and Property | Series B | Golden Gate Ventures, Shunwei Capital (顺为资本), Openspace, BNI Ventures (BNV), Surge, OCBC Ventura, MPower Partners | 8-Mar |
| 28 | AwanTunai | SaaS | Series B | Finnfund, MUFG Innovation Partners, Norfund | 12-Mar |
| 29 | Cakap | Education Tech | Series C | Heritas Capital, MDI Ventures | 14-Mar |
| 30 | DyCodeX | AI & Internet of Things | M&A | eFishery | 21-Mar |
| 31 | eFishery | Aqua Tech | M&A | DyCodeX | 21-Mar |
| 32 | Akulaku | Financial Tech | Debt | HSBC | 22-Mar |
| 33 | Hyoshii Farm | Farming | Bridge | N/A | 25-Mar |
| 34 | LinkAja | Payments and remittance | Strategic Investment | Mitsui & Co. | 27-Mar |
| 35 | Qoala | Insurance Tech | Series C | Ohana Holdings, PayPal Ventures, MUFG Innovation Partners, MMV (MassMutual Ventures), AppWorks, Eurazeo, Flourish Ventures | 27-Mar |
II. NLP Commentary on the Recent Tech Deals
The stagnation in tech investments in Indonesia during Q1/2024 is indicative of broader economic challenges. Despite the stagnancy of the number of tech companies receiving funding—35 in Q4/2022 (previous quarter) and Q1/2023 (quarter-to-quarter)—the total investment value in Q1/2024 decreased to USD271,900,000 from USD2,781,150,000 in Q4/2023. However, the high investment value in Q4/2023 was primarily driven by TikTok's major corporate action to acquire Tokopedia. Additionally, the tech sector continues to feel the effects of the "tech winter," marked by the lack of interest from investors due to ongoing high interest rates and inflation. These economic challenges have led to a conservative approach among investors, focusing on stability rather than aggressive funding. Furthermore, the slight decline in the number of investors from 70 in Q1/2023 to 69 in Q1/2024 highlights this trend of cautious investment behavior.
The financial sector happened to be more attractive in the beginning of Q1/2024. This was supported by a contribution of 63%, or equal to USD 173,500,000, of the total investment in the period. E-commerce, contributed more than 50% of the total investment value in the previous period, now ranked third with a percentage of only 7.1% of the total figure. The table above shows us that some interesting transactions in sectors like renewable energies and health tech highlight new opportunities within Indonesia's tech landscape. In other words, these unique areas display attractive prospects and new investment trends for further development of tech industry landscape in Indonesia.
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